The government boasts of reducing the rate below 30 percent, but our place in the world does not change: Türkiye is the champion, but inflation is high!

In the weekly economic report of the NEW Party TBMM Group, attention was drawn to Turkey's place in the world in terms of inflation. The government's year-end inflation target for 2026 was 16 percent. However, it was increased to 28.4 percent in the new Medium Term Program (MTP) announced in September.

In order for the 28.4 percent forecast in the MTP to be realized, total inflation must be 3.28 percent in the remaining three months, and in order for the Central Bank's 28 percent forecast to be realized, total inflation must remain below 2.96 percent in the remaining three months. The success of the government's prediction in the MTP depends on the monthly average in this period remaining below 1.1 percent, and the Central Bank's prediction being realized below 1 percent.

Meanwhile, there was a total inflation rate of 4.36 percent in the last three months of last year.

5th PLACE

Annual inflation calculated by TÜİK fell below 30 percent and dropped to 29.73 percent. However, Turkey's place in the world inflation rankings did not change and remained fifth. According to the report, Turkey is the fifth country with the highest inflation in the world after Venezuela (534 percent), Iran (87.9 percent), South Sudan (41.6 percent) and Argentina (33.5 percent).

FIRST IN EUROPE

With this rate, Türkiye continues to rank first in Europe by far. Annual inflation was 8.1 percent in Ukraine, which followed Turkey in second place, and 7.3 percent in Kosovo, which came third. According to the report, Türkiye is the only country in Europe with double-digit inflation. The annual inflation of 5 countries in Europe (Sweden, Liechtenstein, Switzerland, Hungary and Estonia) is lower than the monthly inflation of 1.84 percent in Turkey in September.

The annual inflation of all countries in Europe remains below the 24.32 percent rate experienced by Turkey in the first nine months. Türkiye ranks second among G20 countries after Argentina. The annual inflation of 35 countries in the world remains below the 1.84 percent monthly inflation experienced by Turkey in September.